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Self-Insurance and Self-Insured Retention
Discusses the distinctive and useful roles that self-insurance and self-insured retentions may play in managing risk exposures, especially as they pertain to excess and umbrella liability coverage.
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An Overview
March 2005
Self-insurance and a self-insured retention (SIR) are two items that can be viewed as underlying coverages. Some may object to self-insurance being considered as insurance since the two requisite insurance componentstransfer and poolingare not included in such a plan; indeed, the majority view in todays courts is that self-insurance is not insurance. As for a self-insured retention, some may view it as simply a deductible under a different name. However, both self-insurance and SIRs play a distinctive and useful role in managing an insureds risk exposures, and both are used by many insureds (especially high-risk insureds and those insureds that are interested in embracing diverse alternative risk financing techniques) in the course of setting up insurance plans. So, it is appropriate to consider these two items at this time.
Self-Insurance and the Courts
Some insureds may completely self-insure all of its risk exposures. More often, however, insureds combine some elements of self-insurance with elements of traditional insurance (such as a general liability policy) to create a diverse alternative risk financing program. In both cases, conflicts can arise over whether self-insurance is “underlying insurance” or “other insurance” as the terms are used in umbrella policies and primary coverage policies respectively. The following two cases are examples of this conflict.
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